India has got 48th rank among 131 economies in the Global Innovation Index (GII), breaking into the top 50 countries for the first time. Three clusters, Delhi, Bengaluru and Mumbai show the top 100 science and technology hotspots, which endorses the country’s presence in innovation in the global economy.
Other high-income countries like Sweden, Switzerland, US, UK and the Netherlands lead this innovation ranking, with South Korea joining the top 1 for the first time.
Singapore is ranked 8 on the index.
How is the Global Innovation Index calculated
The GII is done by the World Intellectual Property Organisation (WIPO). They rank global economies, based on their innovation capabilities, which include around eighty indicators, by grouping into innovation inputs and outputs.
China, the Philippines, Vietnam and India have shown the most significant progress in innovation of the GII ranking over time.
The ongoing pandemic of Covid-19 has put a severe pressure on the rise of innovation worldwide, like by hindering some activities of innovation, while ingenuity has been catalysed elsewhere. This is notably seen in the health sector.
Francis Gurry, WIPO director general, said: “Even as we all grapple with the immediate human and economic effects of the COVID-19 pandemic, governments need to ensure that rescue packages are future-oriented and support individuals, research institutes, companies and others with innovative and collaborative new ideas for the post COVID era. Innovations equal solutions.”
India’s stands out at Global Innovation Index
In WIPO statements, it is said India has consistently outperformed in innovation, related to the level of development for 1 year, that a record has matched by three other countries.
Piyush Goyal, commerce and industry minister, had said: “To promote innovation and its culture in India, the government is formulating the new education policy 2020. We are sure it will be in the long term, as we shift gears and accelerate our efforts towards a mindset of innovation and towards the spirit of inquiry among our youngsters right from a very young age.”
“The National Innovation Council, which promotes innovation in our micro, small and medium enterprises, is also working in a variety of ways, particularly through the India Inclusive Innovation Fund, to support activities around innovation,” Goyal added.
“They are voting very strongly to promote Make in India products being made in India, to develop a self- reliant India, but also become a trusted partner of global value chains,” Goyal added.
India has been excelling in the innovation outcomes it produces and in relation to their innovation efforts and investments.
India in the Global Innovation Index
The role of India in the global ICT (information and communication technology) services industry has reflected in it being ranked as first in the export sector.
It stands out for the rate of growth of productivity, for which the country has been ranked ninth globally.
It said: “Thanks to universities such as the Indian Institute of Technology in Bombay and Delhi and the Indian Institute of Science in Bengaluru, and its top scientific publications, India is the lower middle-income economy with the highest innovation quality.”
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Global brand value in Global Innovation Index
India has also outperformed in a GII indicator- global brand value, by producing more valuable brands that could predict from its income level. In this indicator, it ranks 31st. It has hosted 164 of the top 5,000 brands of the world, which includes Tata Group, LIC (Insurance) and Infosys.
Top performing economies in the GII are almost exclusively from the group of high income, with China being 14th, which remains to be the only middle-income economy in the GII top-thirty.
Malaysia is in the 33th position. This data brings a light on the gradual eastward shift in the innovation locus as a group of economies from Asia, such as China, Vietnam, India and the Philippines- have been advancing in the ranking of innovation over the years.
About Global Innovation Index (GII) :
Global Innovation Index (GII) is a ranking done annually for countries based on their capacity and their success in innovation. Published by Cornell University, INSEAD and World Intellectual Property Organisation, it is in partnership with various organisations and institutions.
It is based on subjective and objective data derived from different sources. These sources include the International Telecommunication Union, the World Economic Forum and the World Bank. This index was begun by INSEAD and a British magazine named World Business in the year 2007.
Government and corporate officials use GII for comparing countries based on their level of innovation.
India Innovation Index:
The Niti Aayog had released the India Innovation Index last year. It has been widely accepted as a major step in the direction of innovation’s decentralisation, across all states of the country, as per the GII statement.
It also added, “The call for Atma Nirbhar Bharat by the Prime Minister could only be realised if India punches above its weight class and competes with global superpowers in developing scientific interventions. It is time that India brings a paradigm shift and aims to be in the top 25 countries in the next global innovation index rankings.”